An award-winning, family-run Sydney construction firm has collapsed into insolvency after almost 50 years in business.
Novati Constructions, founded by Peter Novati in 1971, entered voluntary administration this week, The Daily Telegraph reported, with administrators from Worrells appointed to take control.
Second-generation family members Luisa and Marco Novati are listed as company directors; according to Australian Securities and Investments Commission (ASIC) documents, Marco also serves as Novati’s group manager.
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The firm was responsible for a number of major residential and commercial projects across Sydney over its 47 years, including South Cronulla luxury apartment complex Point and the Manly Civic Club.
A statement on the latter project described it as being “finished to perfection – applauded interior design team has used a palette of beautiful materials, premium finishes and soft tones to create an air of contemporary yet limitless sophistication that perfectly complements the sublime harbourside setting”.
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The Master Builders Association NSW awarded Novati in 2017 in the $10 million to $15 million…